Simple Interest
Compound Interest
Mortgage Math
Stat Terms
Mixed Application
100
Use I = P r t. With P=$1,000, r=5% and t=2 years, find the interest earned.
What is $100?
100
A $2,500 loan at 8% simple interest for 3 years: find the total interest.
What is $600?
100
In simple interest, if the principal doubles while rate and time stay the same, interest does what?
What is it doubles?
100
Find the payoff on a $4,000 simple-interest loan at 6% for 18 months.
What is $4,360?
100
A loan uses 9% simple interest for 120 days (ordinary year, 360 days) on $3,000. Interest?
What is $90?
100
In compound interest, interest is earned on principal plus what?
What is previously earned interest?
100
Compute A = 1000(1+0.10)^2.
What is $1,210?
100
Which grows faster for the same APR: annual compounding or monthly compounding?
What is monthly compounding?
100
A=$2,000 at 6% compounded annually for 3 years. Approximate future value to nearest cent.
What is $2,382.03?
100
What rule of thumb estimates doubling time as 72 divided by the interest rate?
What is the Rule of 72?
100
A mortgage is best described as what type of loan tied to a home?
What is a secured installment loan?
100
In an amortization schedule, early payments are usually split with more money going to what?
What is interest?
100
If principal, rate, and term stay fixed, what happens to the monthly payment on a fixed-rate mortgage?
What is it stays constant?
100
A 30-year mortgage paid monthly has how many total payments?
What is 360 payments?
100
If a borrower makes extra principal payments, the total interest paid over the life of the loan generally does what?
What is decreases?
100
Data collected from every member of a group is called what?
What is a population?
100
A subset selected from the population is called what?
What is a sample?
100
Data measured in categories (like blood type) are what kind of data?
What is qualitative (categorical) data?
100
Data that result from counting whole-number outcomes are what type?
What is quantitative discrete data?
100
A process that gives every member of the population an equal chance of selection is what?
What is simple random sampling?
100
Compare earnings on $1,000 at 10% for 1 year: simple and annual compound are the same at what amount?
What is $1,100?
100
If your mortgage payment has principal and interest and also collects taxes/insurance, the taxes and insurance are commonly called what?
What is escrow?
100
Would non-random sampling increase or decrease the risk of bias?
What is increase the risk of bias?
100
A lender quotes 6% APR. If compounding is monthly, is the effective annual rate less than, equal to, or greater than 6%?
What is greater than 6%?
100
A sample mean changes from 48 to 60 after adding one high outlier. Which measure is more sensitive: mean or median?
What is the mean?
M
e
n
u